AA PLC AA Intermediate Co Limited results (2145J)

TIDMAA.

RNS Number : 2145J

AA PLC

27 June 2017

AA PLC

AA Intermediate Co Limited results for the year ended 31 January 2017

In compliance with the requirements of AA Intermediate Co Limited's ('AA Intermediate Co') Class A and Class B notes, full year results for AA Intermediate Co have been issued to the Irish Stock Exchange. The results are also available on the AA plc website at www.theaaplc.com.

AA Intermediate Co Limited is the parent company of the companies that provide security and guarantees under the Whole Business Securitisation ('WBS') financing arrangements entered into by the AA on 2 July 2013.

AA Intermediate Co Limited's results differ from the results of AA plc that were announced on 28 March 2017.

The material differences relate to the consolidated assets and liabilities as follows:

1. Inter-company balances, which were GBP1,214m lower for AA plc than for AA Intermediate Co as all non-trading balances were eliminated in AA plc as part of the 2013 financing transaction;

2. Cash balances, which were GBP75m higher for AA plc than for AA Intermediate Co as GBP15m of restricted cash was held at AA plc level for the AA plc group's Insurance Underwriting activities and GBP60m of available cash was held mainly as the result of a dividend of GBP60m, paid from AA Intermediate Co to AA plc for the payment of external dividends to shareholders.

3. Additional working capital balances are held at AA plc level for the AA plc group's Insurance Underwriting activities. These balances are disclosed in 22 of the AA plc 31 January 2017 year-end financial statements.

AA plc's Insurance Underwriting activities sit outside the AA Intermediate Co group. Other than these activities there are only immaterial differences between Trading Revenue and Trading EBITDA for the two groups. The remaining trading performance is therefore substantially comparable.

Enquiries

IR

Jill Sherratt, Head of Investor Relations [phone]

Media

Francesca Tuckett, Headland [phone]

This information is provided by RNS

The company news service from the London Stock Exchange

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June 27, 2017 06:00 ET (10:00 GMT)